Yahoo stock rises on news of Yang’s demotion

Updated Thursday, November 20, 2008 11:10 am TWN, Los Angeles Times

Yahoo stock rises on news of Yang’s demotion

SAN FRANCISCO -- Wall Street celebrated the planned demotion of Jerry Yang on Tuesday, sending Yahoo Inc.’s shares soaring on hopes that a new chief executive would entice Microsoft Corp. to buy some or all of the struggling Internet company. But investors tempered their elation, realizing that real change will be slow in coming as Yahoo searches for a leader amid the deepening financial crisis roiling the online advertising market. Yahoo stock rose as much as 17 percent before closing up 9 percent to US$11.55.

“The new CEO is going to face the same challenges as the old CEO,” said Colin Gillis, managing partner of Click Capital Research.

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